Getting Families to Talk About Money

Talking about money with family can be uncomfortable. But these conversations can prevent problems, strengthen family relationships, help clients enjoy their wealth while they’re alive, educate younger generations and deepen the advisor’s relationship with the whole family.

In this episode of the Advisor Turntable Podcast, Brendan Ryan talks with financial advisor Traci Garnett-Froscheiser about how she makes family financial conversations a regular part of her practice.

They discuss:

• Simple ways to bring family and estate conversations into annual client reviews
• How advisors can serve as the “quarterback” between clients, attorneys and tax professionals
• What families should—and don’t necessarily need to—share about their finances
• Why “fair” and “equal” aren’t always the same when passing down wealth
• How working with clients’ children early can build financial literacy and stronger multigenerational relationships

With one of the largest generational wealth transfers underway, its never too early to get the next generation involved.

Traci also wrote a 3-part blog series on this topic. Read it here. 

This material is provided for informational purposes only and does not in any sense constitute a solicitation or offer for the purchase or sale of securities nor does it constitute investment advice for any person or a recommendation to take any action. Investment themes and individual securities mentioned may or may not be held in any or all client accounts. The material may contain forward or backward-looking statements regarding intent, beliefs regarding current or past expectations. The views expressed are subject to change based on market and other conditions. The information presented in this report is based on data obtained from third party sources. Although it is believed to be accurate, no representation or warranty is made as to its accuracy or completeness.

The views and opinions expressed throughout this presentation are those of the presenter as of date the podcast is episode is published. The opinions or outlooks may change over time with changing market conditions or other relevant variables.

Some of our podcast guests may be clients. There was no compensation exchanged for their participation. 

Transcript

Welcome & Meet Traci Garnett-Froscheiser

SPEAKER_01 0:01

Hello everyone and welcome to the Advisor Turntable Podcast, a short form series featuring experts and advisors who've moved beyond outdated industry tr industry tracks and adopted the modern tools, revenue models, and workflows that today's clients expect. And today I have Tracy Garnett Froschizer. Did I say that correctly? Class Froschizer. Froschizer. Tracy Garnett for Frochizer with me today to talk about I think a really interesting topic that probably goes far beyond just financial advisory, but that's um family financial conversations. Tracy has written a three-part blog post on the topic. It sounds like it's a pretty core piece of um the entire company's business strategy. But uh we thought it'd be great to bring Tracy in and discuss this a little bit, how they do it, um, kind of stressing, I think, the overall importance of the topic, uh, and and it may be sensitive to clients of some of the strategies Tracy's had success with in getting people to talk about that. Um, before we start, Tracy, do you want to introduce the firm and its history a little bit? Um and then we can dive into the topic.

SPEAKER_00 1:18

Yeah, so I've been an advisor for most of my career, um, almost 20 years now. I am actually the daughter of a financial advisor. I partner with my father. Um, he's been in the business since 1971. So for those of you doing quick math, um, just over uh 51 years. Um started out at a uh broker dealer firm. And um about 13, 14 years ago, we moved over and um built our own RIA. So we are on our own, independent, giving um comprehensive financial advice to gosh, clients of all ages across generations, and um really whether you're starting out or are retired, we're

Making Beneficiary Talks Part of the Annual Review

SPEAKER_00 2:04

we're advising all the gamutes.

SPEAKER_01 2:08

Great. Okay, so family financial conversations. I think one of the biggest points uh you make in the posts you shared was that communication is the key. Yeah. Um and I think there's a lot of sometimes negative emotions and and feelings that get created in these situations and tensions, and a lot of it seems like it's based on assumptions that may not even be true. Getting people talking uh obviously seems to solve a lot of this. Um but it's not necessarily easy to get people talking about this. Um like I said earlier, it sounds like this is just basic client onboard onboarding for you guys, uh part of your process as advisors. But what kind of strategies do you have to break the ice or make those initial conversations a little bit less emotionally difficult?

SPEAKER_00 3:02

Yeah, I mean, anything to do with money, um, I feel like comes with a little bit of a a charge to it because we're very protective over those dollars that we've earned and saved. Um, so it it can get emotional and it can get um to where it's hard to to open them up. Um, but we we really put that in our annual review with clients and we say, here's who you have as your beneficiaries. And does this look correct? Has anything changed? Um, you know, do they know who to contact when something happens? Because it's it's not an if, it's a win. Um, we're all mortal, and and that's also hard for some people to understand uh or take uh into account. So um we we want them to be able to say, hey, here are the people that that we've trusted, and um, here's what we're doing. So we we make that a part of our annual review, and and sometimes it feels very basic. And a lot of people are like they they gloss over that piece, but um, for us it's it's the almost the first thing that we talk about when we get in those reviews is say, who's who's still here, who's who's not. Um, and we explain what per capita versus per sterpees means and and make sure because they say, well, gosh, I don't want it to go to that daughter-in-law of mine. And you know, they you know, we we make it fun and um we we then ask, you know, do you have those estate documents? I don't personally write documents. I'm not a lawyer, I'm not giving legal advice, but you know, we can we can discuss different um estate planning type of strategies and and then be a part of team client to go in and make sure we have the the right pieces in the right places, the right registrations, like right beneficiaries within there. So we we just start out as here it is and and what do you have? And um, if not, do we need to make that referral? Do we want to have you here in our office and make sure that um you know those things get done for them? Because momentum is really hard to

The Advisor's Role as Quarterback for the Family

SPEAKER_00 5:22

get it going if if you go, huh, okay, you leave this meeting and you say, Yeah, we need to do that, and then you're on to the next creative action plan.

SPEAKER_01 5:31

Yeah. You you mentioned when we were talking earlier that you try to create a really comfortable environment for everybody to come together. Uh, that kind of just lends me to thinking, what what do you think of the role? You mentioned you'll refer out parts of the plan as necessary, but obviously when you have these discussions, legal, accounting, there's there's other parties involved. Where do you think the advisor sits? Uh, hopefully, I think somewhere in the center, but um, how does that work managing all the all the interested parties?

SPEAKER_00 6:07

Yeah, we try to kind of take that that quarterback role. Um, we're we're happy to to start that um conversation with referrals. We, you know, certainly love to do business with as many people as we can locally, but we know that is not always the case. They may have an existing one and and we're happy to work with them. Um we've got a nice large conference room that we're able to hold multiple different people within there. I think it seats something like 24 people. So we offer to bring in lunch or bring in drinks and appetizers and say, hey, let's all sit around. Let's make sure the legal team and and estate planning people are are here, your tax team here, and and we're here with you. And I like to sit with the client. I like to make sure that they know I'm I'm team client. I I work for them. I'm not working for the lawyer, I don't have a second agenda in trying to do something, you know, with them or with the tax person. Um, so I'm always kind of then looking to them and saying, is this what you want? Is this how you wanted it to go? Um, so I'm I'm there as their advocate. I want to be um ensuring that it's it's going the way they want and and the the documents read the way they thought they were explaining it.

SPEAKER_01 7:28

Yeah, I think in my head, when I think about how the stereotypical ugly versions of these situations, it's usually when there isn't a plan in place. Um I'm assuming that's correct in your experience, but I'm wondering too, when I imagine sometimes there are surprises even when you do have the conversation initially. Um just wondering if you have any good examples of how you've worked through that or if if it

Cautionary Tales: What Happens Without a Plan

SPEAKER_01 7:56

presumably there's another advantage in having kind of the time to figure it out if somebody's unhappy too.

SPEAKER_00 8:03

Yeah, I mean, there's there's been a few. We when we bring in those those family members, um, it doesn't always have to be with dollar amounts associated with it, and that can oftentimes make the client feel a little more comfortable to say, you know, here's just our strategy. Here's what we've got IRAs and these are how they're gonna pass down, and we've got these types of accounts, and this is the tax and um kind of the rules there, and and don't necessarily have to give a dollar amount or you know, it's a percentage to this person and this person. We don't have to share that, but we can say, you know, you're a part of this as a beneficiary. Um, so that that oftentimes can make clients feel a little more comfortable. Um, but I had one very early on in my career that he um he had an IRA and and he was divorced, and he kept telling me, you know, how much he'd disliked this woman. And I was like, okay, well, let's here's this form and let's get your daughter at it. And you know, he'd take that form and it never came back. And I didn't see him for a while, and we got word that he had passed and still had that ex-wife on there, and I had to to call her, and she was shocked as I'll get out. Like, why would I have this money coming to me? We were divorced and we're not in good terms.

SPEAKER_01 9:23

And I was like, Somewhere he's rolling over in his grave.

SPEAKER_00 9:26

Yeah, and I said, We try. Sorry. Um, so we've had we've had those, and and that can happen. Um, we had another one where a a mother um she was divorced, uh, but had three kids, had named the three kids, um, unfortunately went through a horrible situation where she lost her son at um a very young age. He was in his early 20s and still in college. Um, and about nine months after losing her son, she had found out she had um stage four cancer and and was very likely terminal, did end up passing away, but um, never took the son off. And so her her other two family members uh that were beneficiaries were left having to provide death documents and and all of those things for not only the mother, but for their their brother, and um just became a little bit more of a process. And as you are grieving, it is really hard sometimes to the last thing you're thinking of. Yeah, you know, you just you're like more work. Oh my gosh. Um so it um it it really is helpful to annually review those things, but you know, just bring them up with those clients so that they don't maybe then feel like a burden, um, even in death. And I know that's a lot of uh kind of the conversations that that

Overcoming the Fear of Being a Burden

SPEAKER_00 10:55

we're starting is how not to to make your your family feel like this is one more thing I've gotta do for mom or dad.

SPEAKER_01 11:03

Yeah, that that kind of brings me to a separate topic. I think there are a lot of people out there who may be almost irrationally afraid of being a burden uh at their death to their to their offspring. I think my own parents probably fall in that category and kind of have this fear of becoming a liability as they approach the end of their life. And and I think that can lead to really inefficient uh allocation of the wealth they've created. Uh they don't spend enough or they don't uh share enough while they're alive and kind of end up don't seeing the benefit of this. How uh how have you had success kind of convincing people that they're gonna be okay? Uh is it being a part of that getting the next generation involved? Does that offer them some comfort as well?

SPEAKER_00 11:48

Yeah, it does a little bit, is um uh nine times out of ten when we've had those conversations with that air group or that next generation, you know, they're saying, Mom, dad, spend the money. This is yours. You worked hard for it. We're, you know, we're working, we're doing okay, and uh, don't worry about us. And um we've had a lot of those. I've had some clients who've said, uh, you know, I I can't take any risk. I don't want to lose any money, um, you know, won't spend anything. And and of course you get to that certain age where in those IRAs, those old retirement plans, you have to start taking, you have to start taking those RMDs. And um, they're like, well, uh, but I I don't want it. I don't need it. I'm over here, and it's like, you don't need to live like a pauper. Um we we talk a lot about even utilizing that money um for their their charitable distributions, being able to um help out those causes, whether it's the the church or the food pantry, the humane society, um, you know, shelter, whatever it is. We then say, gosh, utilize a qualified charitable distribution. You don't have to get taxed on it. You don't want it, you don't need it. Let's let's get some money to those causes that are near and dear to your heart. Um, or utilize them for some kind of family trip, some kind of thing that you can do with your family while you guys are all living, all healthy, all together. And those seem to go over really well. We have a lot of folks that are like, yeah, I everybody's happy about that. Everybody's happy. And you know, if if you're like me, I've got I've got three kids at home, they're young. We have more than we need. We don't need any more stuff. And so going and and doing those experiences are are honestly what my kids talk about um and what we want. You know, we want to be able to get away and see my folks, see my family um without the the confines of of the everyday. And so getting away and and taking those trips or utilizing some of those dollars in that charitable way, and then saying, hey, let's go and and serve in the soup kitchen or the the shelter and um utilizing that as a family experience becomes really meaningful and actually things that those those kids and grandkids talk about for for a long time. And and we find that those are the best ways to to say spend the money.

SPEAKER_01 14:31

Ted wager to guess as as people are getting older, they're not uh they're not regretting what they didn't have, they're regretting what they didn't do.

SPEAKER_00 14:41

Uh exactly, very much. And um, you know, we we saw that a lot with my own grandmother. She was almost 97 when she passed, and I think she traveled more in her 80s and 90s than she did in those first um 79 years. So um we we are definitely doing that. We're we're doing that with with our kids, even saying, would you rather have stuff and not remember what you got for your eighth birthday or you know the Christmas when you were 10? Uh, or or do you want to go and do? And and I think those become meaningful family memories and and we get then those

Teaching Financial Literacy to Clients' Kids

SPEAKER_00 15:20

those clients to spend that hard-earned money and and they feel a little bit better about it than stuff.

SPEAKER_01 15:27

Yeah, I think it sounds like the family aspect is maybe of greater importance even than the financial aspect in these discussions. But um in general, in the financial advisory business, there's this huge wealth transfer that's happening now between baby boomers and and people closer to our age, like the millennial cohort that's inheriting those assets. And I think there's been a big problem uh for financial advisors of keeping those assets when they transfer to the younger generation. This strikes me as a fantastic way to get that younger generation integrated, maybe build some goodwill with them uh very early on. Uh, how have you had success doing that, or or how early have you gotten, in some cases, uh the next generation involved?

SPEAKER_00 16:14

Yeah. Um I love dealing with multi-generations. Um my father, Paul, had been doing that for all of his career. So it was just, it was very much ingrained in our process and bringing those those family members in. But um financial literacy is something that I don't think we have enough of in those teen and early 20s. And so we have a lot of these kids coming out of college that don't have the knowledge and and the experience to go into that job with a retirement plan and their benefits. So I've given um a lot of my clients to say, hey, let's bring your 15-year-old uh kids in and your 17-year-old uh daughter and and you know, let them buy a stock. Let's let's talk about what that means, how to own a company versus owning a bond and what's a mutual fund and exchange traded fund. And um, I had a really great um experience with that recently. I had um there were 15-year-old twin boys and a 17-year-old uh older sister. The mom had inherited some money and she said, I, you know, I don't know what to do with this and how how do we spend this? And so we talked about it and she said, Well, you know what? I'll take this required minimum distribution, I'm gonna use it and put it in account with the kids. And they came in and and we talked about what companies to buy and and what were their rationale. And um uh the gal was she was really, really interesting. And I I it it just struck me in a way that she wanted to buy these recession proof type of companies and said, Mom, is it okay? Is there any kind of rules against me buying an an alcohol company or a tobacco company? And and I, you know, I I guess I didn't really know the answer. I I assumed it wasn't, but um, you know, you didn't have to be 21 to own uh Budweiser or Anheuser Busch, you know, whatever that uh is or uh Philip Morris.

SPEAKER_01 18:21

Whatever that's called now. It's been impossible. InBev.

SPEAKER_00 18:23

It's in Bev now that I say it out loud. But yeah, it um yeah, it was just it was really interesting. She she knew that that recession proof uh piece without knowing necessarily the buzzwords or or the phrase there. So it was it was fun listening to them. And um one of the other sons had um said, Well, gosh, I'm super into to AI and tech. And another one was was really into cars and got into Tesla and and some other AI and a few pieces of um, you know, athletic wear in there. So it just listening to them and and their rationale and and going through and it it really is gonna be great for them moving forward, knowing why they're buying something, what's the rationale behind it, why, why do I own this? Because there's so many people that go, they come in with a portfolio of stocks from I'm like, why do you own this? And they go, There's I saw a headline or so-and-so at the water cooler told me about it. And it's going, that's it's it's not part of your plan. Let's don't do that anymore. Um so so these these kids were were super fun to work with, and you can do that at at any age, um, I believe. You know, obviously the little bit older they are are gonna have uh a little bit more of the comprehension there,

How Educating Clients' Kids Can Retain Them as Next-Gen Clients

SPEAKER_00 19:45

but we want to bring them in and give them that financial literacy, give them those building blocks because going into college.

SPEAKER_01 19:54

I mean, you hear it all the time that it isn't it isn't taught enough and kids are short on it, so why not incorporate it in your business? I think you could probably just do it outside of any sort of financial planning conversations you're having, just offer that up to clients that you'll talk to their kids about saving money and investing and and those things that they maybe don't want to or obviously aren't going to be as hopefully good at explaining as you would, and you're doing another service there. But I think generally kind of what you've said solves this big or or aims to solve this big issue in the industry, uh, that there are other ways people are trying to solve it in terms of when you're younger, you have less assets, but you may actually need more financial advice. You maybe are making decisions that are going to affect you 30, 40 years down the road with a bigger impact than the person who's approaching retirement, and there's probably not that much they can do. They can, you know, you can alter their plan for less spending or something, but they're their their uh their financial plan may be more or less set in stone at that point, and you're just executing on it. But there's a lot of things that can change when you're in your 30s, you're having kids, you're buying a house, those things. And and I think some people have approached that by trying to monetize it because it's it's hard to monetize it in the traditional way where you just charge a percentage of assets because they don't have that many assets. But uh some people are you know charging for discrete financial plans. But I think how I'm interpreting yours is you're just kind of investing in them. You're paying it forward, and eventually they're going to have assets, and you can just treat them like any other client. But I think to me, that's the maybe a a better strategy of just be willing to spend some time on that younger generation, especially if you're already associated with them, but but even just generally if it's a new client, uh, and then we'll pay dividends for you down the road.

SPEAKER_00 21:45

It that's exactly right. We're um uh I think a little bit different than than a lot of firms. Um we are in southeast Nebraska and a little bit of a smaller rural community. Um, so a lot of these people, I am I'm going, you know, to a football game on a Friday night and I see them in the bleachers. I'm seeing them in the bread aisle at the grocery store. Um, but Paul's always had a mentality of if you want my advice, I'm gonna give it to you. And and I have the same. I I kind of joke that I get to be an educator without being a teacher. Um, and I get paid a hell of a lot better. So very, very much, you know, love that that piece of my uh my work is is the education and and sitting with those folks because um I know how wonderful it was for me to get that from my dad as as a kid and and as a teen and in my 20s. And um, it's already, you know, I look at it now in my 40s and I'm like, that's paid dividends. Holy cow, having this money, I am what I feel like maybe a little bit farther ahead than than what I would have been if I didn't. So um selfishly, it it does then maybe make me that go-to advisor or that person that they're gonna turn to when they get that job, they get that promotion, they change jobs and have that rollover. But um honestly, it's it it fills my bucket of of being able to help. And so we don't have any kind of minimums. If if you want my advice, you're you're gonna get it. And we're gonna treat you like any client of whether you have $200 or $200 million, we're gonna give you the same advice. And it it does make a lot more sense is to kind of give that advice to start out and and grow with them.

SPEAKER_01 23:35

Right. Yeah. It seems like that stuff does work to your benefit over time if you just sort of do the right thing over a large enough sample, pays dividends, even if you can't ascribe it to every transaction. I think it's kind of a horrible way to live your life transactionally like that.

SPEAKER_00 23:52

It is. Yeah, but not as we want to do it in processes. And sometimes, you know, we're gonna get those that are quick and easy. And um, other times those those processes become drawn out, and um that's what happens when you don't update your beneficiaries or you don't have those conversations as we get the drawn-out ones.

SPEAKER_01 24:12

Yeah. I was I was chuckling to myself because I remembered what you said in our pre-call about uh explaining to your sorority sisters what a Roth IRA was, and I can just imagine the reaction they had as 19 or 20-year-olds. I I don't think I was thinking about that at all.

SPEAKER_00 24:27

Yeah. They just looked at me like, uh what? And I'm going, uh you know, I probably had the same look to them, going, I I can't believe you don't know this. I thought everyone knew this. You know, I I had surrounded myself with um uh my father's friends who were other advisors and and their kids. And and so we were just it was sort of known. It was like, well, duh. And you know, so it was it was eye-opening. And I, you know, I know I'm I'm very privileged, but I was also very naive. And it was like, oh, oh yeah, I I grew up very lucky to have a father who gave me this and and family who talked about money, even if it wasn't necessarily dollar amounts, but but we had open financial conversations. And so I'm I'm starting to do that with my kiddos, and and it's funny to to hear their reactions about things. And you know, we talk about those trade-offs of, well, if we buy this or if we do this, we can't do that. And um, you know, knowing that that they can come to me with with those questions, and it it helps, I think, down the road.

SPEAKER_01 25:32

Yeah, that I mean that kind of is the core use of money and of investing. You're you're deciding between consuming something today and hopefully consuming a little bit

Key Questions to Prepare — and Common Mistakes

SPEAKER_01 25:41

more tomorrow. And once people frame it that way, it makes it a little less abstract, I guess. But um one last thing I just wanted to touch on before we finish up here. You you listed a bunch of bullet points of questions in your blog posts of of what the client should be prepared to answer before having these type of conversations. Are there a couple you just want to highlight as I'm coming into this meeting, my kids are with me, what do I need to really know going into that to make it as effective as possible? And then maybe secondarily, what are the mistakes you've seen people make? Uh, I guess, besides kind of what we've already talked about, what seems like the biggest mistake is just putting it off, not doing it, not being proactive about it. But the people that are engaging in the conversations, what are some of the mistakes you've seen them make?

SPEAKER_00 26:30

Yeah. Well, um, you know, first off, I think there's the phrase of fair isn't always equal, and equal isn't always fair. Um, if you have multiple children, they're all gonna probably be at different stages of their life because they're different ages and and have different lifestyles and and different careers that that give them different amounts um into their pockets. So sometimes helping out one child more than another or utilizing certain assets, you know, being in a rural area, we have a lot of farm ground um with our clients. So knowing that if one child is is working with you side by side on the farm, them having more of the farm or all of the farm is um is okay. And and so knowing that it doesn't always have to be split equally between kids. And then if it is, that's great too. But there's all different ways to to do that. Um, but really kind of an idea of how you want it split and and where you want it to go. Um, sometimes it's I want some of it to go to this organization or or that charitable um institute, and and making sure that the family understands that, because sometimes that can come as a surprise to say, oh, well, I didn't know mom and dad were so passionate about, you know, the church or the shelter or whatever it is. So um knowing that. And then also if there's a situation where a child maybe isn't gonna get the assets outright um and and have it for them in maybe some kind of trust, knowing that they're going to have this, but it's it's gonna come a different way than maybe the siblings' shares of of something. Um knowing how your accounts are registered, what type of accounts they are is really important as well. Um, and and that can be any assets, whether it's um real estate, farm ground, um any collectibles, any anything like that, just knowing knowing what you have um as well, because different types of assets, you know, maybe need to be put in a different registration's name or um have a beneficiary title differently, and and then knowing the taxation to it. Um knowing that an IRA is is gonna pass to a spouse differently than your children and and what that taxable consequence to them is, versus if you have real estate or um a brokerage account, it's gonna have that stepped up basis. So knowing maybe those things can change how you spend your dollars or what you're doing today, because you may want to have the effect of getting this money um at at your death can can maybe change

Valuing Farms & Businesses, Final Takeaways

SPEAKER_00 29:37

how how you're doing things today and and how you're registering in them or how you're you're spending them.

SPEAKER_01 29:44

You mentioned it, but you guys have a pretty unique situation where you are in that a lot of the business owners maybe are farmers. And um, assuming that farmland is often worth a lot more than maybe the income it produces, uh, in your case, do you find that business owners often have a good handle on what their business is actually worth uh before you have the conversation, or is that often kind of something that comes out of this as well?

SPEAKER_00 30:10

Yeah, it's um farm ground's a little bit easier, I think, to to value because you can um look at what the farm ground a mile down the road to and and kind of do a a rough estimate. And and yeah, we do see that there might be a client that's worth $10 or $12 million on paper. Um but they're certainly not getting um They're not living like a millionaire, maybe. Exactly, you know, and they're working the land, they're they're working hard for that, they're they're busting out there in the fields, and so that can can oftentimes be another conversation that's that's difficult to say, well, yes, the asset is more money over here, but it's it's working it and it it has an income to it, but it may not be the same as as this asset that you would get outright from an investment account, an IRA, a life insurance policy, those things. So um those can be a little bit tricky. If you have a business, we often find that um business owners are not doing valuations to their companies. They're not going through and saying, okay, well, this year my receivables were X and my profit was Y. Um, here's what the open market would buy my plumbing practice, my dental practice, my whatever it is. So those are often great conversations to start um and have them figure out how that can transfer, even if it maybe isn't to uh a kid um or that next generation, but how how the family can monetize that upon their death and and where they would go, because you know, I'm not in the practice of buying or selling dental firms and HVACs and plumbing businesses, but um, but we can also help with that. And and then it starts the conversation of, you know, do they need buy-sell documents and and those kinds of things? And and there's money to be had there within whether it's insurance policies or um, you know, different kinds of planning tools that us advisors can can be a part of. And those become very sticky um relationships when you can get in as that trusted person to to handle the more complex things.

SPEAKER_01 32:36

Okay. Uh I think this has been awesome. I've learned a lot. I am kind of excited to try to incorporate some of this stuff in my own life if I can. Um is there anything else you want to touch on before we close it out?

SPEAKER_00 32:53

You know, I think just uh make it a part of of the annual review. Um the worst they can say is no, and and we don't, you know, need that for view, or we don't, you know, we've got it taken care of, and and just make that piece part of that, even on assets that maybe you're not managing. If they're still working and you say, gosh, do you are your beneficiaries updated in the in the work plan? Um, you know, we had a participant just at uh one of the 401k plans we managed. Uh he he never actually did go in and put that beneficiary listed in there. So he was married, it does go directly to the spouse, but if he had that document done, it would have been so much easier in in trying to get that passed to um the spouse. So continue to bring it up. Um you don't have to be an expert. I always tell folks, if I don't know the answer, um, let me find out. Don't make something up. Just, you know, get get them the answer. Be the person that that they can turn to to ask the question, even if that maybe isn't your forte or it or that isn't something you know off the top of your head. Um, you know, be be the center of the spoke forum um for those things, whether it's the estate planning, tax planning, um, next generation wealth transfer.

SPEAKER_01 34:15

I think that uh humility and and kind of ability to say you don't know something would make Nebraska's most famous investing team proud to hear.

SPEAKER_00 34:25

Yeah. Well, I I always tell people I I don't take myself super seriously, so I will, you know, make jokes or I will certainly be the first to to throw me under the bus, but I do take my job very seriously, so I want to try to have some fun with it while we're here.

SPEAKER_01 34:42

Thank you very much, Tracy. Thank you.

SPEAKER_00 34:47

Yes, take care, Brendan. Thank you.